Press release
Illumina Issues Statement in Response to Carl Icahn's Letter
SAN DIEGO, March 24, 2023 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, issued the following
About this update from Illumina, Inc.
[{"type":"text","content":"SAN DIEGO, March 24, 2023 /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, issued the following statement in response to a letter from Carl Icahn dated March 24, 2023:\nDirectors and Officers (D&O) insurance and corporate indemnification are standard for Delaware companies, and support directors in making decisions in the best interests of shareholders. All major U.S. public companies, including Illumina, regularly review their D&O insurance to reflect appropriate coverage. As the Financial Times reported earlier today, \"it is not uncommon for a company buying another business to increase insurance limits during the acquisition process.\"\nIllumina's Board of Directors is independent and acts in the best interests of its shareholders. The Board takes its fiduciary duties seriously and exercises considered and deliberate judgement with independent advice. Illumina steadfastly follows appropriate risk management and disclosure practices. Illumina's disclosures are full, transparent and timely, consistent with SEC and other disclosure requirements. To keep investors informed, Illumina regularly shares relevant corporate risk factors, including those related to GRAIL. Any suggestion otherwise is a mischaracterization of the facts.\nMr. Icahn's nominees lack relevant skills and experience for Illumina's Board. Mr. Icahn has no ability to accelerate the legal and regulatory processes and neither do his nominees.\nForward-Looking Statements\nThis communication contains \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding mandates, the future, business plans and other statements that are not historical in nature. These statements are made on the basis of Illumina's views and assumptions regarding future events and business performance and plans as of the time the statements are made. These forward-looking statements may be accompanied by such words as \"anticipate,\" \"believe,\" \"could,\" \"estimate,\" \"expect,\" \"forecast,\" \"intend,\" \"may,\" \"plan,\" \"potential,\" \"project,\" \"target,\" \"will\" and other words and terms of similar meaning. Illumina does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not ...